Estates

Wills, Power of Attorney, Testamentary Trust & Enduring Guardianship you need to:

  • Choose about 3 trusted people to be executor, guardian, trustee or attorney. 
  • Work out what assets transfer outside a will.
  • Decide where you want your assets to go.
  • Decide how old any young beneficiary should be before they                 ORDER NOW  receive anything. (eg 18, 21 or 25) 

When Considering Company, Trust or Individual ownership of assets you should:

  • Work out if any lenders or creditors will want a personal guarantee.
  • Ensure the initial costs and costs of yearly compliance are less than any benefit.
  • Work out why you want the trust, company or individual to own assets. (eg family law, benifits, Wills, tax or asset protection)
  • Choose your trustee or directors carfully.
  • Consider the need to return assets to joint names in the future
  • Get a solicitor to advise and transfer the assets properly.

As Executor for Probate or Administration you need to:

  • Look after your family for a few weeks after somone close dies because there is no paperwork that can be done until the BD&M death certificate is issued.
  • All accounts in sole names will be suspended and Power of Attorney ceases to act from the date of death.
  • You may be entitled to Centrelink bereavement allowance or payment.
  • Arrange the funeral and pay the funeral expenses directly from the deceased's account on presentation of the invoice to the bank.  (the only exeption to frozen accounts)
  • Locate the Will if any.
  • Itemise all the assets under the Will.
  • Arrange a solicitor to prepare probate or administration to give the executor power to act under the Will when you have the Will, Death Certificate and List of Assets.
  • You can have your solicitor transfer any property including money in banks, real estate or shares.
  • For a coplete list of what to do to transfer shares press the Macquarie Bank link below.

 

 

 

Call for helpful advice on your estate needs on 4388 6331

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